The Managing Director of Anoh Gas Processing Company (AGPC), Engr. Effiong Okon has called on young professionals in the energy sector to embrace adaptability, continuous learning, and strategic thinking to navigate industry challenges and seize emerging opportunities.
Speaking as the Keynote speaker at the Society of Petroleum Engineers (SPE) Lagos Energy Week Young Professionals Symposium, Okon emphasized the need for resilience in an industry undergoing rapid transformation.
“The world around us is changing at an unprecedented pace,” he said. “Technological disruptions, shifting global policies, and the drive toward sustainability are reshaping the energy landscape. Thriving in this environment requires not just acceptance of change but the ability to proactively shape it.”
The managing director highlighted the shifting global energy dynamics, noting that while fossil fuels have powered economies for over a century, the future lies in a diversified energy mix.
“The conversation today is about energy transition and sustainability. While fossil fuel reliance is gradually declining, natural gas—particularly LNG—has emerged as a critical transition fuel, and in some instances destination fuel, with global demand expected to grow significantly in the coming decades,” he stated.
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He stressed that Africa must develop strategic policies and investments to capitalize on the evolving energy mix.
He emphasized that despite the global shift toward cleaner energy, fossil fuels will continue to play a significant role in the energy mix for decades, according to insights from the SPE Lagos Energy Week – Young Professionals Symposium. Economic growth is slowing in major economies such as China and India, leading to evolving energy consumption patterns. China’s growth rate is projected to decline to 2.9% per year through 2050, while India’s will slow to 4.9%. Meanwhile, solar power is set to expand at an annual rate of over 8%, with renewables growing by 3-5% per year globally.
“In developed economies like the U.K. and the U.S., primary energy consumption is expected to decline, driven by advancements in energy efficiency, transportation electrification, and the widespread adoption of renewable energy. By 2050, power generation from wind and solar is projected to increase by as much as 500%. The U.S. is also expected to double its LNG exports to over 200 billion cubic meters (Bcm) by 2035 and 300 Bcm by 2050”
“In Africa, economic growth is projected to average 2.6% annually through 2050, with natural gas becoming an increasingly important part of the region’s energy mix, accounting for 20% of total primary energy. While oil production is expected to decline, Africa’s demand for electricity will rise sharply, with wind and solar energy deployment accelerating. To support the continent’s energy development, the Africa Energy Bank was established in 2024 to finance key energy projects. As nations transition to a lower-carbon future, strategic investments in both fossil fuels and renewables will be critical to ensuring energy security and economic stability”
Nigeria’s Energy Landscape
Nigeria’s vast oil and gas reserves present a significant opportunity for economic growth, but unlocking their full potential requires substantial investment and policy stability. The country holds 37.5 billion barrels of oil and condensate reserves, yet struggles to meet its OPEC production quota of 1.58 million barrels per day, with 2024 output averaging just 1.3 million barrels per day. Insecurity, policy uncertainty, and inadequate funding continue to hinder sector growth.
The energy landscape is shifting, with international oil companies (IOCs) divesting onshore and shallow offshore assets to indigenous players while focusing on deepwater developments. Seplat Energy, Nigeria’s leading independent energy firm, exemplifies this trend.
The company produced an average of 47,525 barrels of oil equivalent per day in the first nine months of 2024 and has invested $1.6 billion in capital projects since its IPO. Its acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil marks a major shift in industry ownership, he stated
Nigeria’s gas reserves, estimated at 209.3 trillion cubic feet, remain underutilized. Of the approximately 7 billion cubic feet produced daily, 38% is reinjected, flared, or used for fuel, while 37% is exported and only 25% reaches the domestic market. Infrastructure constraints have stunted growth, though the Nigeria LNG Train 7 project, which reached a final investment decision in 2019, is expected to boost exports upon its anticipated startup in 2027.
